Is the Boca Raton Real Estate Market and Palm Beach County Real Estate Market Still Hot? May 2022



Palm Beach County home sales prices continued to climb in May 2022. 

The median single family home in Palm Beach County rose to $615,000 in May 2022, up 29.5% from May 2021. 

The Palm Beach County townhome and condo market was also up, just not as much, rising 23.0% in May 2022 over May 2021. 

Inventory for single family homes moved up slightly to almost 2 months of inventory for single family homes. 

Condo and townhomes decreased to slightly more than one month of inventory in May 2022. 

The inventory levels will be an important metric to watch as interest rates rise, in my opinion. 

Carlos A. Melendez, President of Broward, Palm Beaches & St. Lucie REALTORS® stated, ”the South Florida real estate market is hot, and one of the best ways to fight inflation is to work with a REALTOR® to invest in real estate. With a REALTOR®, you’re not just getting any real estate agent. You’re getting the expertise and dedication of a professional who is just as invested in your future as you are.“ 

I have been proudly serving the counties of Palm Beach and Broward as a full-time real estate professional for more than 10 years. 

Let me know how I can put my knowledge and expertise to use for you in reaching your real estate goals. 


Michael Friedman

Realtor, Broker-Associate, CDPE

eXp Realty


Realtors looking to grow join me and my eXp Libertas group and expand your business. See eXp Realty videos here

Comments

Post a Comment

Popular posts from this blog

Real Estate Values In Florida Increased Year-Over-Year In 2022 More Than Any Other US State; Palm Beach County Florida and Boca Raton Area Saw Home Values Increase As Well -- Mike In Boca

Image
 January 31, 2023 Florida Real Estate Values Grew More Than Any Other US State In 2022 How Can I Help You? Florida was the top US state for price increases, according to real estate Website Zillow.com.  The analysis by Zillow showed the average Florida home value increased 17.27% last year (2022) with an average value of about $405,000.  A recent study was performed by Florida Atlantic University (FAU) in conjunction with Florida International University (FIU) and this was a quote from the study, ‘“it is hard to say where prices will go from here in Florida,” said Eli Beracha, Ph.D., of FIU’s Hollo School of Real Estate. “But it seems most likely that Florida housing markets will fare better than most other markets across the country due to the persistent shortage of homes for sale and the pace at which people are relocating to the state.”’ In our area, the local Realtors put out a snapshot report (above) that shows the average year-over-year increase for a single family home rose by 2
Read more

Mortgage preapproval versus mortgage prequalification - What it Means For Home Sellers and Home Buyers - Mike In Boca - Florida

Image
  December 20, 2022 Mortgage Pre-Approval or Pre-Qualification? Always Here For You Video CLICK I recently received an offer to present to one of my home seller customers with a pre-qualification letter attached from the buyer.  Generally, there are two types of mortgage letters : pre-approval letter and pre-qualification letter. It is important whether you are selling your home or purchasing a home to know the difference.  Having the right real estate professional who can properly guide you through the sale of one of your biggest assets, to ensure you are getting the most out of your sale is of the utmost importance.  In an article on Zillow.com called, “Pre-Qualification Versus Pre-Approved : What’s the Difference?.” the two types are described as follows : “ A mortgage pre-qualification is usually a much shorter process that requires you to honestly report your own financial information, while a mortgage pre-approval typically requires you to submit more documentation like W-2s to v
Read more

Home Prices in Mission Bay Boca Raton Community Increase Almost 28% on YOY Basis in January 2023 Michael Friedman Broker-Associate eXp Realty

Image
I am a full-time real estate professional who focuses on the Mission Bay community in West Boca Raton, Florida.   My primary areas of focus is on Boca Raton, Delray Beach and Boynton Beach; however, I have worked with customers to the north up to Port St. Lucie, Florida and further south into Broward County and Dade County as well. I estimate the median home value in Mission Bay increased almost 30% on a trailing twelve month basis in January 2023 over January 2022.   Mission Bay homes were selling quickly at an estimated median time of 20 days at the beginning of the year 2023..  The median home sold in the Boca Raton community of Mission Bay was $645,000 by my estimate on a trailing twelve month basis in January 2023.   Home sales in Mission Bay Boca Raton for the month of January 2023 as per the MLS was as follows: 10482 Mateo  Court RX-10850192 Reflections  10393 Lake Vista Circle RX-10851259 Reflections  10860 La Salinas Circle FX-10350492  La Costa  10438 Buena Ventura Drive RX-1
Read more